Students share their expectations for the 2025 budget speech

As South Africa awaits the Minister of Finance Enoch Godongwana, to deliver the 2025 Budget Speech, students participating in the 53rd Nedbank and Old Mutual Budget Speech Competition shared their priorities and expectations for the budget.

The Budget Speech Competition provides a platform for students to share their insights and perspectives on the budget speech.

It aims to promote economic awareness and encourage critical thinking among young people.

A University of Johannesburg student Malesela Thando Nombeu, pursuing his honours degree in econometrics, will compete with 20 other students from various institutions.

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He voiced the importance of addressing public debt management – the topic chosen for this year’s undergrad students.

He feels education, infrastructure, social development, and healthcare should be key priorities in the budget speech.

Nombeu believes in investing in human capital and that education is crucial for the country’s growth and development.

“A proper education system can have a positive impact on other sectors. If we have a well-educated workforce, we can increase productivity, innovation, and competitiveness, which may lead to economic growth and job creation.”

Another student, Sizwe Mazibuko from Protea Glen, a student of quantitative risk management at NWU, emphasised the need for job creation and re-industrialisation of education.

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“We should bring back the old days where students learned skills with their hands so that by the time they finish school, they can start businesses. This can help reduce unemployment and promote entrepreneurship, essential for economic growth.”

Despite these challenges, the students remain optimistic about the future of South Africa’s economy.

They believe that with careful planning, strategic investments, and a commitment to fiscal discipline, the country can overcome its current challenges and achieve sustainable economic growth.

Nombeu said he contemplated the competition since high school but only developed an interest in it in his second year.

“During my second year, I wanted to enter but felt I was not ready yet. I still wanted to broaden my knowledge and improve my writing.”

He said the econometrics undergraduate programme included a writing skills module, a component that teaches elementary research and introduces students to various writing methods and new research.

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He further noted they used the same topic for their econometrics research and the Budget Speech Competition, allowing for ample preparation time.

“We had six months to prepare for the essay. A lot of research went into it, with help from my lecturer, the librarian who recommended books and reading articles from industry leaders in the economics sector.”

He is interested in aspects related to public debt and hopes to see comparisons between last year’s and this year’s debt service costs, as well as details on the proposed sovereign wealth fund.

The student is also curious about potential tax adjustments and loans from the World Bank to address public debt.

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“I expect the budget speech to include various measures, such as implementing the 15% global minimum corporate tax, potential adjustments to tax brackets and exemptions, and possible reforms to the social security and grant systems.”

As the country waited with bated breath for the minister’s budget speech, these students emphasised they expected a budget that prioritises education, job creation, and sustainable economic growth.

They hoped the government would take a balanced approach to addressing the country’s challenges, one that considers the needs of all South Africans.